Military radar market to top $17 billion by 2027, report predictsNews
October 31, 2022
NORTHBROOK, Ill. The military radar market is projected to grow from its current $13.5 billion to $17.1 billion by 2027, at a compound annual growth rate (CAGR) of 4.7% during the forecast period, according to a new report by MarketsandMarkets, "Military radars market to 2027."
According to the study authors, the global market for military air and missile-defense radars will be driven in large part by increased demand for early-warning threat-detection systems, mine-detection systems, and equipment used by the U.S. military to address conflicts in the Middle East and Asia-Pacific.
In terms of platform, the study predicts that the naval segment will be the largest and fastest-growing market, mainly driven by the increased effectiveness and greater precision of ship-based naval radar systems. Moreover, nations including China, Japan, and South Korea are putting increasing investment into the development of ship-based radar systems, further accelerating the sector's expansion.
For additional information visit the MarketsandMarkets website.